, China , Cuba and North Korea are examples of countries that have command economies. the former Soviet Union
Also known as a planned economy, command economies are unable to efficiently allocate goods because of the knowledge problem - the central planner's inability to discern how much of a good should be produced. Shortages and surpluses are a common consequence of command economies. A free-market price system, on the other hand, signals to producers what they should be creating and in what quantities, resulting in a much more efficient allocation of goods.
Investment dictionary. Academic. 2012.
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command economy — ➔ economy1 * * * command economy UK US noun [C] (also controlled economy) ECONOMICS ► an economic system in which the government controls the type, supply, and price of the goods that are produced: »There is massive support for a shift from the… … Financial and business terms
command economy — noun An economy in which all means of creating wealth and business activities are controlled by government rather than market forces • • • Main Entry: ↑command * * * comˌmand eˈconomy 7 [command economy] noun = ↑ … Useful english dictionary
command economy — command economies N COUNT In a command economy, business activities and the use of resources are decided by the government, and not by market forces. ...the Czech Republic s transition from a command economy to a market system. Syn: planned… … English dictionary
command economy — UK / US noun [countable] Word forms command economy : singular command economy plural command economies economics an economic system in which the government controls business and the supply of goods in a country • See: market economy … English dictionary
command economy — Not to be confused with its associated feature the planned economy, the paradigm case is the neo Stalinist, centrally directed, state owned economy of the Soviet Union. A continuum can be elaborated, within which communist economic systems can be … Dictionary of sociology
command economy — Economic system in which the means of production are publicly owned and economic activity is controlled by a central authority. Central planners determine the assortment of goods to be produced, allocate raw materials, fix quotas for each… … Universalium
command economy — An economy in which the government determines industrial output, the *prices of products and services, and the allocation of economic resources. In a command economy, market forces are subdued or eliminated in favor of national economic planning … Auditor's dictionary
command economy — command′ econ omy n. an economic system that relies primarily on a central authority, as in China and Cuba • Etymology: 1980–85 … From formal English to slang
command economy — planned economy An economy in which the activities of firms and the allocation of productive resources is determined by government direction rather than market forces … Big dictionary of business and management
command economy — com,mand e conomy noun count an economic system in which the government controls business and the supply of goods in a country ─ compare MARKET ECONOMY … Usage of the words and phrases in modern English